Huadi Shares Nosedive After Pricing $25M Equity Offering Amid Volatility

by Shivani Kumaresan, Benzinga Staff Writer

November 7, 2022 1:27 PM | 1 min read |

Huadi International Group Co HUDI has entered into a securities purchase agreement with two institutional investors for a registered direct offering of $25 million of its shares.
The offering is expected to close on or about November 9, 2022.
The offering consists of selling 1 million ordinary shares in a registered direct offering at a purchase price of $25.00 per ordinary share.
The purchase price represents a 86% discount from the previous close on November 4.
The stock gained more than 480% in the last 2 trading sessions.
Univest Securities, LLC is acting as the exclusive placement agent for this offering.
Price Action: HUDI shares are trading lower by 90.22% at $17.61 on the last check Monday.